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                                                                     Exhibit 4.6

                     Nissan Auto Receivables Corporation II
                              990 West 190th Street
                           Torrance, California 90502


                                                      Dated as of April 26, 2001

                           YIELD SUPPLEMENT AGREEMENT


Wells Fargo Bank Minnesota, National Association
Wells Fargo Center
Sixth and Marquette Avenue
MAC N9311-161
Minneapolis, MN 55479
Attn:  Asset Backed Securities Department

Nissan Auto Receivables 2001-B Owner Trust
In care of:  Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
Attn:  Nissan Auto Receivables 2001-B Owner Trust

Ladies and Gentlemen:

            Nissan Auto Receivables Corporation II (the "Company") hereby
confirms arrangements made as of the date hereof with you, Wells Fargo Bank
Minnesota, National Association, as Indenture Trustee, and Wilmington Trust
Company, as Owner Trustee for the Nissan Auto Receivables 2001-B Owner Trust
(the "Trust"), for the benefit of the Noteholders, to be effective upon (i)
receipt by the Company of the enclosed copy of this letter agreement (the "Yield
Supplement Agreement"), executed by the Indenture Trustee and the Owner Trustee,
(ii) execution of the Purchase Agreement, dated as of the date hereof (the
"Purchase Agreement"), between the Company and Nissan Motor Acceptance
Corporation ("NMAC"), (iii) receipt by NMAC of the payment by the Company of the
purchase price under the Purchase Agreement, and (iv) the receipt by the Company
of the capital contribution of NMAC in connection with the payment of the
purchase price under the Purchase Agreement. Capitalized terms used herein and
not otherwise defined herein shall have the respective meanings given to them in
the Sale and Servicing Agreement, dated as of the date hereof, among NMAC, as
Servicer, the Company, and Nissan Auto Receivables 2001-B Owner Trust, as Issuer
(the "Sale and Servicing Agreement").

        1. On or prior to each Determination Date, the Servicer shall notify the
Company and the Owner Trustee of the "Yield Supplement Deposit" (as defined
below) for the related Distribution Date, the amount on deposit in the Yield
Supplement Account (as defined below), the Servicing Payment Deposit with
respect to the related Distribution Date and the amount of reinvestment income
during the related Collection Period on the Yield Supplement Account.

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The "Yield Supplement Deposit" means, with respect to any Distribution Date, the
amount by which (i) the aggregate amount of interest that would have been due
during the related Collection Period on all Yield Supplemented Receivables (as
defined below) if such Yield Supplemented Receivables bore interest at the
Required Rate (as defined below) exceeds (ii) the amount of interest accrued on
such Yield Supplemented Receivables at their respective APRs and due during such
Collection Period. "Required Rate" means, with respect to each Collection
Period, the sum of (i) the Servicing Rate plus (ii) the Class A-4 Interest Rate.
"Yield Supplemented Receivable" means any Receivable that has an APR less than
the Required Rate.

        2. On or before the date hereof, the Owner Trustee shall establish and
maintain with the Securities Intermediary and pledge to the Indenture Trustee a
segregated trust account in the name of the Indenture Trustee for the benefit of
the Noteholders (the "Yield Supplement Account") in accordance with the
Securities Account Control Agreement to secure the payment of interest on the
Notes, or such other account as may be acceptable to the Rating Agencies, and
the Trust hereby grants to the Indenture Trustee for the benefit of the
Noteholders a first priority security interest in the Yield Supplement Account
and the monies on deposit and the other property that from time to time comprise
the Yield Supplement Account (including the Initial Yield Supplement Amount),
and any and all proceeds thereof (collectively, the "Yield Supplement Account
Property"). The Indenture Trustee shall possess all of the rights of a secured
party under the UCC with respect thereto. The Yield Supplement Account Property
and the Yield Supplement Account shall be under the sole dominion and control of
the Indenture Trustee. Neither the Company, the Trust nor any Person claiming
by, through or under the Company or the Trust shall have any right, title or
interest in, any control over the use of, or any right to withdraw from amounts
from, the Yield Supplement Account Property or the Yield Supplement Account. All
Yield Supplement Account Property in the Yield Supplement Account shall be
applied by the Relevant Trustee as specified in this Yield Supplement Agreement
and the Sale and Servicing Agreement. The Relevant Trustee shall, not later than
5:00 P.M., New York City time on the Business Day preceding each Distribution
Date, withdraw from the Yield Supplement Account and deposit in the Collection
Account an amount equal to the Yield Supplement Deposit plus the amount of
reinvestment income on the Yield Supplement Account for such Distribution Date.

        3. On or prior to the date hereof, the Company shall make a capital
contribution to the Trust of $18,059,127.02 (the "Initial Yield Supplement
Amount"), by depositing such amount into the Yield Supplement Account and assign
the Lease Contracts to the Trust. On or prior to each Distribution Date, the
Servicer, on behalf of the Trust, shall deposit the Lease Payment Deposit with
respect to such Distribution Date (to the extent received from NMAC) into the
Yield Supplement Account. The amount required to be on deposit in the Yield
Supplement Account on the date of issuance of the Notes and for each
Distribution Date until the Notes of all Classes have been paid in full or the
Indenture is otherwise terminated (the "Required Yield Supplement Amount"), as
determined by the Servicer and notified to the Relevant Trustee, means an amount
equal to the lesser of (i) the aggregate amount of each Yield Supplement Deposit
that will become due on each future Distribution Date, assuming that payments on
the Receivables are made on their scheduled due dates, no Receivable becomes a
prepaid Receivable and a discount rate of 2.5%, and (ii) the Initial Yield
Supplement Amount. The Required Yield Supplement Amount may decline as a result
of prepayments or repayments in full of the Receivables. The Relevant Trustee
shall have no duty or liability to determine the

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Required Yield Supplement Amount and may fully rely on the determination thereof
by the Servicer. If, on any Distribution Date, the funds in the Yield Supplement
Account are in excess of the Required Yield Supplement Amount for such
Distribution Date after giving effect to all distributions to be made on such
Distribution Date, the Relevant Trustee shall deposit the amount of such excess
into the Collection Account for distribution by the Relevant Trustee in
accordance with the terms of Section 5.06(c) of the Sale and Servicing
Agreement. The Yield Supplement Account shall be part of the Trust. It is the
intent of the parties that the Yield Supplement Account Property be treated as
property of the Trust for all federal, state and local income and franchise tax
purposes. The provisions of this Yield Supplement Agreement should be
interpreted accordingly. Further, the Trust shall include in its gross income
all income earned on the Yield Supplement Account Property and the Yield
Supplement Account.

        4. All or a portion of the Yield Supplement Account may be invested and
reinvested in the manner specified in Section 5.08 of the Sale and Servicing
Agreement in accordance with written instructions from the Servicer. All such
investments shall be made in the name of the Relevant Trustee. Earnings on
investment of funds in the Yield Supplement Account shall be deposited in the
Collection Account on each Distribution Date, and losses and any investment
expenses shall be charged against the funds on deposit therein. Upon payment in
full of the Notes under the Indenture, as directed in writing by the Servicer,
the Indenture Trustee will release any amounts remaining on deposit in the Yield
Supplement Account to the Owner Trustee for the benefit of the
Certificateholders, which amounts the Owner Trustee shall deposit into the Trust
Collection Account, and the Company shall have no further obligation to pay to
the Servicer the Servicing Payment Deposit. If for any reason the Yield
Supplement Account is no longer an Eligible Deposit Account, the Relevant
Trustee shall promptly cause the Yield Supplement Account to be moved to another
institution or otherwise changed so that the Yield Supplement Account becomes an
Eligible Deposit Account.

        5. Our agreements set forth in this Yield Supplement Agreement are our
primary obligations and such obligations are irrevocable, absolute and
unconditional, shall not be subject to any counterclaim, setoff or defense
(other than full and strict compliance by us with our obligations hereunder) and
shall remain in full force and effect without regard to, and shall not be
released, discharged or in any way affected by, any circumstances or condition
whatsoever.

        6. This Yield Supplement Agreement shall not be amended, modified or
terminated except in accordance with the provisions for amendments,
modifications and terminations of the Sale and Servicing Agreement as set forth
in Section 10.01 of the Sale and Servicing Agreement.

        7. THIS YIELD SUPPLEMENT AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, without
reference to its conflict of law provisions (other than Section 5-1401 of the
General Obligations Law of the State of New York), AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

        8. Except as otherwise provided herein, all notices pursuant to this
Yield Supplement Agreement shall be in writing, personally delivered, sent by
telecopier, sent by

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courier or mailed by certified mail, return receipt requested, and shall be
effective upon receipt thereof. All notices shall be directed as set forth
below, or to such other address or telecopy number or to the attention of such
other person as the relevant party shall have designated for such purpose in a
written notice.

               The Company:

               Nissan Auto Receivables Corporation II
               990 West 190th Street
               Torrance, California  90502
               Attention:  Treasurer
               Facsimile No.: 310-324-2542

               Indenture Trustee:

               Wells Fargo Bank Minnesota, National Association
               Wells Fargo Center
               Sixth and Marquette Avenue
               MAC N9311 - 161
               Minneapolis, MN 55479
               Attn:  Asset Backed Securities Department
               Facsimile No.: 612-667-3464

               Trust:

               Nissan Auto Receivables 2001-B Owner Trust
               In care of:  Wilmington Trust Company
               Rodney Square North
               1100 North Market Street
               Wilmington, DE 19890
               Attn:  Nissan Auto Receivables 2001-B Owner Trust

        9. This Yield Supplement Agreement may be executed in one or more
counterparts and by the different parties hereto on separate counterparts, all
of which shall be deemed to be one and the same document.

        If the foregoing satisfactorily sets forth the terms and conditions of
our agreement, please indicate your acceptance thereof by signing in the space
provided below and returning to us the enclosed duplicate original of this
letter.


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                                   Very truly yours,

                                    NISSAN AUTO RECEIVABLES CORPORATION II


                                    By:     /s/    Joji Tagawa
                                          --------------------------------------
                                          Name: Joji Tagawa
                                          Title:   Treasurer



Agreed and accepted as of April 26, 2001

NISSAN MOTOR ACCEPTANCE CORPORATION


By:     /s/    Katsumi Ishii
     ---------------------------------------------
     Name: Katsumi Ishii
     Title:   President


WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION,
  AS INDENTURE TRUSTEE


By:     /s/    Bruce Wandersee
     ---------------------------------------------
     Name: Bruce Wandersee
     Title:   Vice President


NISSAN AUTO RECEIVABLES 2001-B OWNER TRUST

By:  WILMINGTON TRUST COMPANY,
not in its individual capacity but solely as
Owner Trustee on behalf of the Trust


By:     /s/    James P. Lawler
     ---------------------------------------------
     Name: James P. Lawler
     Title:   Vice President


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